The Oscars Are Exiting ABC and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards will commence broadcasting solely on YouTube in the year 2029, marking the newest substantial change in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, confirming that it entered into a multi-year deal granting YouTube the unique international license to the Oscars through 2033.
The awards show, set for 15 March, has aired for a half a century on the traditional network. Beginning in 2029, the event will be viewable in real-time without charge on YouTube.
This is another major shakeup in the entertainment world, which is navigating studio sales and mergers, along with steep slashes to movie budgets.
"Our Academy represents an international organization, and this alliance will allow us to expand access to the mission of the Academy to the largest worldwide audience possible - which will be beneficial for our membership and the film community," said organization heads in a statement.
Throughout a long period, ratings of the awards show have dropped, although there was a small rise in recent years, with a significant number of younger viewers streaming from mobile devices and computers.
In a separate statement, the video platform's chief executive called the Oscars "among our fundamental pillars of culture" and noted that working with the Academy would "spark a new generation of artistic expression and cinema enthusiasts while staying true to the Oscars' illustrious heritage".
The broadcast network, which has televised the awards since the mid-1970s, stated that it was eagerly anticipating "to the next three telecasts" it will still host.
The move follows major studios deal with intricate takeover attempts. Both options were seen as problematic for an industry that has experienced significant downsizing over the past several years.
Like big production houses, cable networks have struggled as the public has increasingly opted for on-demand video instead.
The platform securing broadcasting rights to the Oscars clearly signals that dependence on online services will continue to grow.